As per the Circular No. RBI/2011 -12/312 DPSS.CO.PD.No. 1098 / 02.23.02 / 2011-12 RBI directed all Banks in India Including co-operative banks to remove removes Mobile Banking transactions limit of Rs. 50, 00.00 per customer per day. Presently Banks are increasingly extending mobile banking facilities (financial) to their customers. Interbank Mobile Payment Service (IMPS) developed and operated by National Payment Corporation of India (NPCI) has also enabled real time transfer of funds through the medium of the mobile phone between accounts in different banks. The volume and value of mobile banking transactions is also showing an uptrend.
In terms of Para 2.1 of our circular dated December 24, 2009, a transaction limit of Rs. 50,000/- per customer per day had been mandated. On a review it has been decided to remove this cap. However, banks may place per transaction limits based on their own risk perception with the approval of its Board.
Best Regards
Prakash Nair
www.keralites.net          |
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